Analysts have suggested that automotive businesses speed up their digital transformation efforts to overcome the challenges and maintain growth during 2023.

Most businesses recorded positive results last year, when over 509,000 motor vehicles were sold, according to figures from the Vietnam Automobile Manufacturers’ Association (VAMA), TC Motor, and Vietnamese carmaker VinFast.

However, demand began to slow late in the year, signaling a difficult time ahead.

The total number of motor vehicles sold by VAMA members in January was down 51 per cent month-on-month, primarily due to high interest rates and inflation.

Among the measures to help the industry recover is digital transformation, which has become a positive trend in the development of the automobile industry around the globe.

It offers many benefits for businesses involved in motor vehicle trading.

Automated sales processes would help cut paperwork and cost and improve transparency. Businesses could collect trade data to better understand customer demand and improve service quality to boost satisfaction levels.

However, implementation remains problematic, in particular the absence of a comprehensive system and trading procedures.